THE PROMISE RECORDTORONTO · CIVIC RESEARCH
Promise trackerCity finances & taxes
City finances & taxes

Raise land-transfer tax on expensive homes

Council adopted the tax change, effective 1 January 2024.

Milestone met

The original commitment

Introduce graduated land-transfer tax above $3 million.

Documented: 2023 campaign; documented 27 June 2023. Contemporaneous post-election roundup; exact announcement date not established.

CityNews: 2023 campaign commitments: contemporaneous roundup ↗ Toronto City Council: By-law 824-2023: graduated land-transfer tax ↗ City of Toronto: Historical MLTT rates, including January 2024 to March 2026 ↗

What would count as delivery?

Adopt and bring into force higher municipal marginal rates for qualifying residential purchases over $3m.

Delivered — but when?

2023 campaign deadline: No specific completion deadline established in the reviewed 2023 campaign record.

Actual milestone: 2024-01-01 — Higher municipal rates took effect.

Late against the campaign deadline? Not assessable from the reviewed campaign deadline evidence.

Project schedule comparison: No comparable project deadline assessment established in this review.

Election proximity: 1029 days before 26 October 2026.

CityNews: 2023 campaign commitments: contemporaneous roundup ↗ Toronto City Council: By-law 824-2023: graduated land-transfer tax ↗ City of Toronto: Historical MLTT rates, including January 2024 to March 2026 ↗

What the record shows

  1. Council enacted By-law 824-2023 setting graduated municipal land-transfer-tax rates.

    Toronto City Council: By-law 824-2023: graduated land-transfer tax ↗

  2. The City’s historical rate schedule confirms the higher bands took effect.

    City of Toronto: Historical MLTT rates, including January 2024 to March 2026 ↗

Action ≠ outcome

Tax implementation is established. Revenue yield and effects on housing affordability are separate questions not resolved here.

Qualifications & shared responsibility

Council approval was necessary. Provincial land-transfer tax is separate; transaction values and market activity affect municipal revenue.

Sources for this record